Trends on SGX Nifty indicate a cautious opening for the index in India with a 5 points gain

The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 5 points gain.

The BSE Sensex fell 52.94 points to 52,275.57, while the Nifty50 declined 11.60 points to 15,740.10 and formed bearish candle which resembles Hanging Man kind of pattern on the daily charts.

According to pivot charts, the key support levels for the Nifty are placed at 15,687.13, followed by 15,634.17. If the index moves up, the key resistance levels to watch out for are 15,785.93 and 15,831.77.

US Markets

Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.

The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.

Asian Markets

Asian markets were mixed in Wednesday morning trade, ahead of Chinese inflation data expected later in the day. In Japan, the Nikkei 225 shed 0.47% in early trade while the Topix index dipped 0.26%. South Korea's Kospi also declined 0.23%.

SGX Nifty

Trends on SGX Nifty indicate a cautious opening for the index in India with a 5 points gain. The Nifty futures were trading at 15, 768 on the Singaporean Exchange around 07:30 hours IST.

World Bank projects India's economy to grow at 8.3% in 2021

World Bank on June 8 projected India's economy to grow at 8.3 per cent in 2021. Earlier, the World Bank had estimated Indian economy to grow at a pace of 10.1 percent in FY 2021-22. Citing the reason to slash the FY22 growth of Indian economy, the global lending and monitoring body said that India has been hampered by the largest outbreak of coronavirus cases that any country has seen since the beginning of the pandemic.

"In India, an enormous second covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of FY2020/21, especially in services. With surging covid-19 cases, foot traffic around work and retail spaces has again slowed to more than one-third below pre-pandemic levels since March, in part due to greater restrictions on mobility," World Bank said in its latest Global Economic Prospects report.

NFRA issues consultation paper on ways to enhance its engagement with stakeholders

The National Financial Reporting Authority (NFRA) has sought comments on a consultation paper regarding its engagement with stakeholders.

The consultation paper is focused on 'enhancing engagement with stakeholders' and it has been prepared after taking into consideration various recommendations made by a Technical Advisory Committee (TAC) that was set up by NFRA.

Inox Leisure launches QIP to raise up to Rs 300 crore just days after unlock guidelines released

Days after the state government of Maharashtra announced a phased re-opening of cinema halls and multiplexes, Inox Leisure has launched a qualified institutional placement or QIP to raise up to Rs 300 crore.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,422.71 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,626.98 crore in the Indian equity market on June 8, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Five stocks - Indiabulls Housing Finance, NALCO, Punjab National Bank, SAIL, and Sun TV Network - are under the F&O ban for June 9. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.